Portfolio: Brandywine Realty to develop new student housing

Brandywine Realty Trust of Radnor, Campus Crest Communities Inc. and Harrison Street Real Estate Capital announced a partnership to develop a 33-story, 850-bed student housing tower at Brandywine’s Cira South development in University City, Philadelphia.

The project, The Grove at Cira Centre South, is being developed at 30th and Chestnut streets on a site leased from the University of Pennsylvania.

The project is expected to be completed for the 2014/2015 academic year. Leasing is expected to begin in the fall 2013.

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The Grove at Cira Centre South has a total cost of $158.5 million and will be financed by a $97.8 million loan provided by PNC Bank and Capital One. Brandywine and Campus Crest will each own 30 percent of the joint venture, while Harrison Street will own 40 percent.

DEMO: CertainTeed Corp., a Tredyffrin-headquartered building products manufacturer, will showcase its Certa-Set PVC irrigation system at World Ag Expo, Feb. 12-14 in Tulare, Calif.

In an outdoor display, the company will demonstrate the durability, portability and leak-proof properties of its Certa-Set irrigation system over standard aluminum pipe.

CertainTeed will be joined by Ag Industrial Manufacturing Inc. of Lodi, Calif., which will exhibit how its Golden Retriever machine places and retrieves the Certa-Set pipe.

Certainteed is a subsidiary of Saint-Gobain.

APPLICATIONS: The Commonwealth Financing Authority approved a motion to begin accepting applications for the Water Supply and Wastewater Infrastructure Program, known as PennWorks.

The program ensures safe water supply and proper wastewater infrastructure in Pennsylvania. The application period will remain open until June 28, 2013.

Administered by the authority, PennWorks provides grants to municipalities and municipal authorities and loans to municipalities, municipal authorities, industrial development corporations and investor-owned water or wastewater enterprises for projects which construct, expand or improve water and wastewater infrastructure.

Improvements must be directly related to an economic development project. Eligible applicants can contact 717-787-7120 to discuss potential projects before commencing the application process.

For more information about PennWorks, visit www.newPA.com or call 1-866-466-3972.

GAS: According to AAA Mid-Atlantic, the average price of a gallon of regular gas in the five-county Philadelphia area on Monday was $3.72, up 2 cents over the weekend and up 6 cents in the last week.

In other areas of interest, the average price of a gallon of regular gas on Monday was:

Pennsylvania, $3.72, up a penny over the weekend and up 6 cents in the last week;

South Jersey, $3.53, unchanged over the weekend and up 3 cents in the last week;

Delaware, $3.62, unchanged over the weekend and up 2 cents in the last week;

Nationwide, $3.59, up 2 cents over the weekend and up 7 cents in the last week.